News Summary

• Ethena's Guy Young has hailed crypto treasuries as the solution to VC’s supply overhang and a growth driver for revenue generation projects.
• Young admitted that even ENA had the challenge of VC sel-offs because of limited liquidity in the crypto sector.
• Critics have warned that the excessive debt leverage deployed by the treasury firms to buy more BTC and altcoins could pose a liquidation risk to the entire sector and TradFi if they go bankrupt.
• However, Young acknowledged that most altcoins are ‘shitcoins’ and ‘vapourware’, and offering them via an ETF (exchange-traded fund) won’t change anything.